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  1. #1
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    WorldCom's Ebbers Weeps at 25-Year Sentence

    Bernard Ebbers, who as the once-swaggering CEO of WorldCom oversaw the largest corporate fraud in U.S. history, wept in court Wednesday when a judge sentenced him to 25 years in prison - the toughest sentence yet in the string of recent corporate scandals.
    http://hosted.ap.org/dynamic/stories...T&SECTION=HOME

    Justice has been served!

  2. #2
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    Although it sucks to have an old man go to jail; what this guy caused was pure pain for hundreds of thousands of employees and esp shareholders...

    There would of been thousands of people who lost millions when this company filed for BK.
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  3. #3
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    I'm glad to see that they are also taking most of his assets as well. Hopefully other CEO's will learn an important lesson from this.
    "Arms discourage and keep the invader and plunderer in awe, and preserve order in the world as well as property... Horrid mischief would ensue were the law-abiding deprived of the use of them." - Thomas Paine

  4. #4
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    I hope he weeps every day of his miserable life.
    I'm sure someone in jail will make him his special friend and Ebbers will find out what it is like to get ******.

  5. #5
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    Originally posted by blue27
    I hope he weeps every day of his miserable life.
    I'm sure someone in jail will make him his special friend and Ebbers will find out what it is like to get ******.
    ROFL, I didn't know the guy was born in Edmonton, Canada SHAME ON HIM !
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  6. #6
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    I have no sympathy for that man. He should've thought about the consequences of his actions. In my opinion deserves every bit of that sentence, and more.

  7. #7
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    I believe the losses total somewhere in the 200 billion range.

    Can you imagine how many people lost their life savings, retirement funds, livelihood because of this.... Imagine all the suppliers not being paid for their work or even worst, suppliers who supplied this company with millions of $$ worth of hardware, only to get nothing back. The only people who smiled from this is the lawyers who got paid to defend and sue.

    I remember reading about WorldCom a few years ago and it was a hot stock. The CEO was borrowing millions from his company to buy personal things. I think the guy was nice, he donated and so forth. I think he just became overwhelmed and started ignoring his business, cooked the books then it was just a matter of time before it was going to flop...
    Last edited by universal2001; 07-14-2005 at 04:29 PM.
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  8. #8
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    I am glad! No need to be stealing people's money.
    I remember Martha got only 6 months in prision. She even choose her own time to serve her sentence.

  9. #9
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    I am quite satisfied with the sentence. You must be prepared for the actions you make.

    indiaberry Martha got only 6 months for "lying", not stealing money. They dropped the charges on her for that. Quite a different situation there....
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  10. #10
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    I think it is a horrible sentence..

    He should be allowed to head a Charitable Trust, or another corporation that can help the homeless (for example), and use his genius to help others through his business skills.

    Locking up a perfectly good business mind, is just a waste.

  11. #11
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    A perfectly good business mind? A genius? What drugs are you on - the man lost $200b of other peoples money!

  12. #12
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    I tend to think there should some check and balances to prevent such white-collar crimes as first priority.

    If I was an employee of WorldComm, I would be devasted at my stock losses, but I wound't get much salvation from someone been send to jail, after all my money is still gone.

  13. #13
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    Originally posted by -T{H}R-
    A perfectly good business mind? A genius? What drugs are you on - the man lost $200b of other peoples money!
    I am not saying he is a righteous man, but he WAS a great business leader, and a genius from starting the company as a reseller service, he basically created one of largest corporations in the United States. That to me is genius.

    As far as that $200B, thats market cap, I think the accounting scandal only centered around the $10 billion, which is significantly less.

    Yes, I do believe that a heavy fine / selling of assets, a much lighter sentence (maybe 1 year), and the ability for him to serve as a "think tank" would be much better suited than ending his life in jail.

  14. #14
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    1 year? That's hardly punishment. I don't see how you can think that someone who has abused his position and caused that much loss is a genius. If he was such a genius then the company would never have been in the position where an accounting scandal was required to keep it going.

  15. #15
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    Yes justice is served
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  16. #16
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    One year is punishment, along with heavy fines and disposing of assets. He is 63 years old after all, and committed a WHITE collar crime, this isn't murder.

    Don't forget that the problems came around 1999-2000, when companies were inflated (aka "the bubble"), and market caps were getting away on speculation and not real value.

    He is a genius. If you think so or not, the business historians will put him down as one, albeit with a rather unfortunate ending.

  17. #17
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    White collar crime is pretty damaging. Perhaps if you haven't personally lost your entire retirement savings you wouldn't see that viewpoint.

  18. #18
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    Actually, I do quite a bit of investing, so I know the ramifications of white collar crime, and also inefficient corporate management; that doesn't change my opinion one bit.

    PS: With proper investing (that is diversifying to lower risk equities as one gets older) savvy investors shouldn't have lost their entire savings. It is rather unfortunate for those that have though.

  19. #19
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    Well it is unfortunate that a lot of those that lost money were not as accustomed to investing and managing their own funds as was too predominant towards the end of the 90's and the beginning of this century.

  20. #20
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    Indeed, when investing you have to be aware of the risks.

  21. #21
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    Great News! As the Judge said: "I find that a sentence of anything less would not reflect the seriousness of this crime."

    The next “CEO fraud-maker” in line will surly think twice now before committing such crimes.

  22. #22
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    Originally posted by Emil
    One year is punishment, along with heavy fines and disposing of assets. He is 63 years old after all, and committed a WHITE collar crime, this isn't murder.

    Don't forget that the problems came around 1999-2000, when companies were inflated (aka "the bubble"), and market caps were getting away on speculation and not real value.

    He is a genius. If you think so or not, the business historians will put him down as one, albeit with a rather unfortunate ending.

    Tell this to the thousands of people who's lives were destroyed by this scum.
    He is not a genius in any sense of the word. He is an arrogant selfish lowlife who thought of nobody but himself.

    He deserves every minute of the sentence and it is very fitting that he will spend his last days in jail.
    You don't have to kill someone to ruin lives.

  23. #23
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    Originally posted by Emil
    One year is punishment, along with heavy fines and disposing of assets. He is 63 years old after all, and committed a WHITE collar crime, this isn't murder.

    Don't forget that the problems came around 1999-2000, when companies were inflated (aka "the bubble"), and market caps were getting away on speculation and not real value.

    He is a genius. If you think so or not, the business historians will put him down as one, albeit with a rather unfortunate ending.
    You know what happens when stocks crash? Especially huge ones? People loose huge amounts of money. Sure stocks go up and down daily, but they *crash* when someones been cooking the books, and selling their shareholders lies for years.

    How many people do you think committed suicide as a result of loosing their entire life savings? If your actions cause people to commit suicide out of desperation, how is that any less of a crime then manslaughter? He knew what he was doing was wrong, very wrong. He knew the ramifications of his actions, he obviously knew the risks he was taking with said actions? What justice would be served in that? Telling people it's ok to ruin thousands of lives, as long as you do something that brightens a few hundred isn't exactly the kind of message we should be putting out there to further encourage "white collar crime".

  24. #24
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    C'mon the guys 60 years old cut him some chase.

  25. #25
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    Originally posted by webrat3r
    C'mon the guys 60 years old cut him some chase.
    No. He should have thought of that before being part of the biggest accounting fraud in the U.S.

  26. #26
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    Originally posted by porcupine
    How many people do you think committed suicide as a result of loosing their entire life savings? If your actions cause people to commit suicide out of desperation, how is that any less of a crime then manslaughter? He knew what he was doing was wrong, very wrong. He knew the ramifications of his actions, he obviously knew the risks he was taking with said actions? What justice would be served in that? Telling people it's ok to ruin thousands of lives, as long as you do something that brightens a few hundred isn't exactly the kind of message we should be putting out there to further encourage "white collar crime".
    Okay, so if I were to commit identity theft, steal someone's entire life savings, ruin their entire credit, and sell their house, and then they commit suicide, I should be charged with manslaughter? I didn't kill the person or physically make him commit suicide, so I fail to see the logic in being held responsible for his suicide. Sure, maybe he thought his life was over, that he would never get another chance, but that is his problem to worry about; mine is being held responsible for and charged with the major crimes that I committed: fraud and grand larceny, as well as some other charges the DA could come up with.

  27. #27
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    Originally posted by webrat3r
    C'mon the guys 60 years old cut him some chase.

    I have no idea what "cut him some chase" means but if you are suggesting that people should go easy on him I fail to see the logic and how his age is even a factor.

  28. #28
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    Originally posted by SniperDevil
    Okay, so if I were to commit identity theft, steal someone's entire life savings, ruin their entire credit, and sell their house, and then they commit suicide, I should be charged with manslaughter? I didn't kill the person or physically make him commit suicide, so I fail to see the logic in being held responsible for his suicide. Sure, maybe he thought his life was over, that he would never get another chance, but that is his problem to worry about; mine is being held responsible for and charged with the major crimes that I committed: fraud and grand larceny, as well as some other charges the DA could come up with.
    Manslaughter in essense is defined as causing by indirect, and/or accident the death of another person, without the specific intent to cause injury or harm. I would say if you purposely steal someones identity, steal thir life savings, ruin their entire credit, sell their house, etc., and having this cause the person to commit suicide, while its a stretch, I fail to see why on some level this would not qualify as manslaughter.

  29. #29
    Originally posted by Emil
    One year is punishment, along with heavy fines and disposing of assets. He is 63 years old after all, and committed a WHITE collar crime, this isn't murder.

    Don't forget that the problems came around 1999-2000, when companies were inflated (aka "the bubble"), and market caps were getting away on speculation and not real value.

    He is a genius. If you think so or not, the business historians will put him down as one, albeit with a rather unfortunate ending.
    People like yourself scare me. No offense but this guy ruined many of peoples lives, cost people billions of dollars all the while living rich of the people he scammed.

    Here is the type of present old Bernard should get for his birthday:

    http://www.m90.org/view_image.php?image_id=4925

  30. #30
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    Business historians will put him down as a genius, or at the very least an"empowered businessman" for the simple fact that he built the largest telecom corporation within a very short amount of time, planned very strategic take overs and started it all from a small reseller operation.

    The fact that he let fraud happen at the end of his career does not detract from that accomplishment, no matter how much one yells that it does. It just shows, that he had a flaw in his character.

    As far as "losing" $200B of people's investments..I already touched on that issue. That's market capitalization. A market cap that was hugely inflated by the bubble (watch any tech-oriented stock pre-1999 and late-2000). Even Microsoft "lost" billions of dollars in market cap. In fact a hell of a lot of companies did.

    In fact, just to see how much market cappitalization was lost, NASDAQ reached the 5, 000 point mark, only to run in the low 2, 000 point mark right now. Sixty-percent loss!

    Again, he was just charged with fraud in amount of $11B, definately a lot less than the $200 billion people are swinging around.

    And yes, I do believe that heavy fines, the acpturing of assets and letting him manage some chraitable trust (with government supervision), or organizations that help the homeless as a better, more correctional approach to this issue.

  31. #31
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    Originally posted by porcupine
    Manslaughter in essense is defined as causing by indirect, and/or accident the death of another person, without the specific intent to cause injury or harm. I would say if you purposely steal someones identity, steal thir life savings, ruin their entire credit, sell their house, etc., and having this cause the person to commit suicide, while its a stretch, I fail to see why on some level this would not qualify as manslaughter.
    Manslaughter is defined as "the unlawful killing of one human by another without express or implied intent to do injury." It's that simple.

    If I were to steal one's financial life and, for whatever reason, he committed suicide, should I, based on the above definition, be charged with manslaughter? Did I kill him?

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    No intelligent business historian will put this guy down as anything but a fraud, a liar and a cheat.

    Real businessmen make money for their company and the investors. They don't have to rely on stealing, lying and cheating to build their business.

    Violating securities laws and defrauding investors make him just another pathetic wanna be.

  33. #33
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    You are too emotional to think rationally about the situation. I'll give you a hint: he started the company in 1983 (if memory serves right), thats close to two decades of building the business in to a monster corporation.

    He got a lot of good press, and was quoted to be the proeminent business man of this new centuy, and new economy; Bill Clinton had high regards for him, espcially the "rags" to riches story.

    If you think thats pathetic, then hats off to you!

  34. #34
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    Originally posted by SniperDevil
    Manslaughter is defined as "the unlawful killing of one human by another without express or implied intent to do injury." It's that simple.

    If I were to steal one's financial life and, for whatever reason, he committed suicide, should I, based on the above definition, be charged with manslaughter? Did I kill him?
    Its borderline as I stated. If I snuck into an old age home, dressed up as a chainsaw murdurer, and "scared" numerous residents with the chainsaw in full tilt, using fake blood for effect, while never actually laying a finger (nor chainsaw) on any of the residents, and several of the patients died in the panic (eg. heart attacks); I'm relatively certain that I'd be charged with manslaughter, even though I'd never laid a finger on them, and only intended to "scare" them.

  35. #35
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    Investments are risky. Investors accept that risk. If you can't accept the risk of investing in stocks, then don't invest. Simple as that. The fact that Ebbers wasn't charged with "murder" in this case, obviously denotes that the way the law views "suicide investments" (I am not sure if any happened in this case) .

  36. #36
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    Originally posted by blue27
    No intelligent business historian will put this guy down as anything but a fraud, a liar and a cheat.

    Real businessmen make money for their company and the investors. They don't have to rely on stealing, lying and cheating to build their business.

    Violating securities laws and defrauding investors make him just another pathetic wanna be.
    As Emil said, I think you're being a bit irrational about this, or you're just not informed.

    Were John D. Rockefeller or J.P. Morgan not "real" businessmen?

    Quote Originally Posted by porcupine
    Its borderline as I stated. If I snuck into an old age home, dressed up as a chainsaw murdurer, and "scared" numerous residents with the chainsaw in full tilt, using fake blood for effect, while never actually laying a finger (nor chainsaw) on any of the residents, and several of the patients died in the panic (eg. heart attacks); I'm relatively certain that I'd be charged with manslaughter, even though I'd never laid a finger on them, and only intended to "scare" them.
    I don't think manslaughter can be applied to nonphysical situations, such as the one you're proposing. Besides, even if it could be applied, it would probably boil down to intent. You might say you were intending to simply scare them, but you would be questioned on the basis for trying to scare them. If your intent extended beyond simply trying to scare them, I'm sure the jury would ultimately discover that.

    And if you indeed were just playing a nasty joke or even a well-intentioned one, I don't think you'd be charged with such a serious crime; then again, I'm not that informed on the law. You could be charged with "disorderly conduct" or "disturbing the peace" or some other misdemeanor.
    Last edited by SniperDevil; 07-15-2005 at 07:23 PM.

  37. #37
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    Originally posted by Emil
    You are too emotional to think rationally about the situation. I'll give you a hint: he started the company in 1983 (if memory serves right), thats close to two decades of building the business in to a monster corporation.

    He got a lot of good press, and was quoted to be the proeminent business man of this new centuy, and new economy; Bill Clinton had high regards for him, espcially the "rags" to riches story.

    If you think thats pathetic, then hats off to you!

    Perhaps you failed to notice that all of these accolades are past tense.
    Most people are not so starry eyed as you are about this person's so called success, especially when they are aware of his complete lack of ethics.

  38. #38
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    Originally posted by Emil
    Investments are risky. Investors accept that risk. If you can't accept the risk of investing in stocks, then don't invest. Simple as that. The fact that Ebbers wasn't charged with "murder" in this case, obviously denotes that the way the law views "suicide investments" (I am not sure if any happened in this case) .
    I wasn't trying to say he should be charged with "murder", or manslaughter. I'm simply trying to convey the seriousness of the matter, and the implications of his actions and choices. If you want to talk about what he's been charged with, more relavently sentenced to, its the rest of his life in jail, which is the least he deserves. The pain and suffering that he will have to endure for the rest of his life will only account to a fraction of the pain and suffering that he's caused countless other parties though his actions.

  39. #39
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    Originally posted by SniperDevil
    As Emil said, I think you're being a bit irrational about this, or you're just not informed.

    Were John D. Rockefeller or J.P. Morgan not "real" businessmen?

    Can you show me some reference of JP Morgan and John D. Rockefeller going to prison for securities fraud and defrauding investors?

  40. #40
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    There's both sides of the coin.

    If you think this incident wipes out almost two decades of financial success, and genial ability to create one of the lagest corporations in the world starting from a small reseller service: hats off to you! If only each of us could model that out.

    I just hope to have shown that there is a lot of good in the man that he can use through his intrinsic business abilities to help the world instead of putting him to rot for the reminder of his life.

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